Hai Phong property developer expects 35% profit decline

It expects revenues to decline by a similar rate to VND2.5 trillion, according to a disclosure to shareholders.

It is in the process of developing some major projects that will be launched in the next three to five years.

Last year Hoang Huy achieved consolidated net revenues of VND3.8 trillion, nearly double the 2022 figure and 70% higher than the target.

Post-tax profits were more than twice the target at VND1,243 billion.

Hoang Huy was established in 1995 in Hai Phong to make motorcycles and trucks.

It has now become a major player in the distribution of semi-trucks in Vietnam besides successfully foraying into the property market.

Some of its projects include Hoang Huy Riverside Urban Area, Grand Tower Apartment and Hoang Huy Mall in Hai Phong.

The company owns around 150 hectares of land and has obtained development licenses for most of it, according to DSC Securities.